On the Market

Boerum Hill Condo Property on the Market for $7.5M

401 State Street

A seven unit, 16,250-square-foot condominium development at 401 State Street in Brooklyn’s leafy Boerum Hill neighborhood has hit the market with an asking price of $7.5 million, Commercial Observer has learned.

Brooklyn developer Martin Handler plans to convert the existing three-story, residential-zoned building that once housed a substance abuse home into luxury apartments with a possible daycare facility or other community use in the basement, said TerraCRG partner Melissa DiBella. Read More

TerraCRG’s Ofer Cohen on Brooklyn Rezoning, Retail and a Revitalized Condo Market [Updated]

Ofer Cohen

Ofer Cohen, the president of TerraCRG, founded the Brooklyn-focused commercial brokerage and advisory firm in 2008 after a stint as a broker at Massey Knakal Realty Services preceded by time as a partner in a boutique marketing agency. TerraCRG seals roughly 70 deals per year. The firm recently closed the sales of four multifamily buildings in Park Slope and Carroll Gardens for a collective $12.5 million and inked a lease to bring the first Doughnut Plant bakery to the borough in Prospect Heights. Mr. Cohen invited Commercial Observer to the company’s office that sits opposite the Barclays Center to dish on the Brooklyn market, contextual rezoning and military discipline. Read More

Trending

‘You May Be Right’ About Bedford-Stuyvesant

A young Billy Joel sports a switchblade.

In Billy Joel’s 1980 hit, “You May Be Right,” the singer boasted of his “crazy” antics crashing parties, riding his motorcycle in the rain and even walking  “through Bedford-Stuy alone.” 

Neighborhoods like Park Slope and Williamsburg have long been the headline-grabbers when it comes to booming Brooklyn neighborhoods. But the Bedford-Stuyvesant neighborhood is quickly losing the rough-and-tumble reputation Mr. Joel alluded to, and is now considered a prime candidate as Brooklyn’s next up-and-coming real estate frontier. Read More

Sales Beat

W’burg Retail Building Sales in 2013 Trounce Prior Year

104 North 6th Street

There were four times as many sales of retail buildings in Williamsburg in 2013 than in the prior year, according to data prepared for Commercial Observer by Brooklyn commercial brokerage TerraCRG, and the average price per square foot more than nearly tripled.

There were nine Williamsburg retail building sales last year (in commercially-zoned areas) compared with two in 2012, the data indicate. The average price per square foot of those sales in 2013 was $753.03 versus $273 in 2012. Read More

Brooklyn Issue

Terra Firma: Adam Hess of TerraCRG

Adam Hess of TerraCRG. (Credit: Celeste Sloman)

Last summer, the Brooklyn-based real estate investors at RedSky Capital were pursuing an acquisition in the vicinity of the Barclays Center when their search brought them to 76-82 St. Mark’s Avenue, located two blocks from the arena.

The 23,900-square-foot property was being marketed by Adam Hess of TerraCRG and boasted 24,000 square feet of air rights, as well as 15 apartment units and three commercial spaces, all fully occupied. It was the perfect fit. Read More

Sales Beat

TerraCRG Arranges $9 million Downtown Brooklyn Sale

(Photo: McBrooklyn)

Brooklyn commercial real estate brokerage and advisory firm TerraCRG has closed on the sale of two commercial units at the TOREN condominium at 150 Myrtle Avenue in Downtown Brooklyn for a combined $9 million.

The 11,000-square-foot ground floor retail space has over 280 feet of frontage on Flatbush Avenue and is currently occupied by Metropolitan City Read More

Sales Beat

Park Slope Continues to Soar Post-Barclays With $15 Million Sale

76-82 St. Mark's Avenue

In the latest indication of Park Slope and Downtown Brooklyn’s emergence as commercial real estate powerhouses, 76-82 St. Mark’s Avenue (at Flatbush and Sixth Avenues) has sold for $15 million.

The Brooklyn retail real estate brokerage TerraCRG announced the close of the sale today. The 23,900-square-foot property (with 24,000 square feet of air rights), which is fully occupied, holds 15 apartment and three commercial spaces. Read More

ICSC 2013

Cycling Success: SoulCycle to Quadruple Real Estate Footprint

EleVen By Venus Williams S/S 2013 Presentation Behind The Grey Goose Blue Door

The stylish spinning studio SoulCycle broke into New York real estate through an inauspicious channel: Craigslist.

In 2006, co-founder Elizabeth Cutler was scouring available spaces on the go-to online destination for scalped tickets, used furniture and anonymous hookups. “We couldn’t get a broker to call us back,” Ms. Cutler said. “I told [co-founder]Julie [Rice], one day, people will actually call us.” Read More

On the Market

East Bushwick Development Site Could Be Catalyst for Change

800px-R160A_L_Train

A 105,000-square-foot development site surrounding the Weirfield Coal Company site at 386 Weirfield Street in East Bushwick is on the market for $8.5 million, creating an opportunity for a huge residential development in a neighborhood that is evidently next in line for the gentrification pushing south through northern Brooklyn along the L subway line.

It started with the Bedford stop in Williamsburg.  More recently it took hold along the Jefferson and Morgan Avenue stops in northern Bushwick.  Now “it’s just a matter of time” before changes grip the area surrounding the Halsey Street subway stop, said Massey Knakal Director of Sales Michael Amirkhanian, who is exclusively marketing the site.

“It doesn’t take a rocket scientist to see that this is moving further south,” he said. Read More

Power Broker

Heart & Soul: TerraCRG’s Geoff Bailey on Williamsburg’s Next Act

Geoff Bailey, photographed by Will O'Hare

To enter the Pacific Street office of the commercial brokerage firm TerraCRG, visitors must buzz reception and walk a few yards through a parking garage before hanging a right.

There’s Sena, an African hair-braiding salon, next door, and beyond that is a row of brownstones that, with minimal touchups, could be airlifted to Park Slope and go unnoticed.

But TerraCRG also sits practically in the shadow of the Barclays Center, and the eye travels to that rusty bird’s nest as you wait for the welcoming buzz.

This location at the traffic, geographic, demographic, architectural and developmental crossroads of Brooklyn suits TerraCRG, a firm launched by Ofer Cohen in 2008 that keeps a strict focus on the ascendant borough’s commercial real estate market.

Vice President of Retail Services Geoff Bailey joined TerraCRG in June of 2010, with previous experience in Brooklyn from five years in sales at Massey Knakal, where he had worked with Mr. Cohen. Mr. Bailey specialized in southeast Brooklyn back then, but thought there was untapped real estate potential throughout the borough. Read More

On the Market

92,000-Square-Foot Retail Space Hits Williamsburg Market

A rendering of 185 Wythe Avenue

Two floors encompassing 92,000 square feet of retail space at the luxury residential conversion 185 Wythe Avenue in Williamsburg are on the market.

The leasing agency, TerraCRG, claims in the listing that this is the largest contiguous available retail block in the north Brooklyn neighborhood. Asking rents are at $50 per square foot for minimal divisible lot sizes of 5,000 square feet.  Read More